Standard Profil - comment

Standard Profil’s Q1 results highlight its operational leverage with revenue down 9%, but Gross Profit down 55%. Management is hopeful that the bottom of

Tomás Mannion2 June 2025STANDARD PROFIL

Atos - comment

In November 2024, the French state made a non-binding offer for the Advanced Computing Activities of Atos for an EV of €500m and up to

Tomás Mannion2 June 2025ATOS

Adler - Internal drivers

Please find our updated analysis of Adler Group here.

Boring is not yet the right word, but it is good when something becomes more boring - the yields are allowed to tighten. Adler yields have tightened, but we

Wolfgang Felix30 May 2025ADLER

Antolin - comment

The company performed better than model in Q1. Revenues were lower, but management had been renegotiating supply contracts, which is beginning to

Wolfgang Felix30 May 2025ANTOLIN

ASDA - comment

The pace of decline at ASDA is slowing, but there is a long way to go for ASDA. The response from competitors to price rollbacks has been

Aengus McMahon30 May 2025ASDA

Adler Pelzer - comment

Adler Pelzer beat our expectations in Q2, primarily due to lower tooling business than last year. Otherwise, the quarter looked in line with

Wolfgang Felix30 May 2025ADLER PELZER

Kem One - Maintaining our view.

Please find our model update for Q1 numbers here.

The only thing that Kem One’s Q1 results confirmed is that there is no sign of a recovery. Operationally, Kem One restarted production in

Tomás Mannion30 May 2025KEM ONE

ASDA - comment

The price cuts at ASDA are not yet helping the top line, but it was always going to take time to work. The -3.2% revenue for ASDA may

Aengus McMahon29 May 2025ASDA

Birkenstock - comment

The secondary offering raised $950m for LVMH, whilst reducing its shareholding from 72% to 62%. The $52.50 price per share is

Aengus McMahon29 May 2025BIRKENSTOCK

Boparan - comment

Quickly finding a replacement for the old CFO is a positive for Boparan/2 Sisters. With the refinance behind them, the new CFO has

Aengus McMahon29 May 2025BOPARAN

AMS Osram - comment

AMS Osram has successfully concluded its long-standing legal dispute with Renesas Electronics, securing a settlement of $51.7 million. Although the

Tomás Mannion28 May 2025AMS, OSRAM

Altice SFR France - comment

Altice SFR France has made further progress in its financial restructuring, having secured majority support from its revolving

Tomás Mannion28 May 2025ALTICE SFR, ALTICE

Altice International - comment

Our main takeaway from yesterday’s call was the confirmation that Altice International were in discussions to sell a stake in its

Tomás Mannion28 May 2025ALTICE, ALTICE INTERNATIONAL

OHLA - comment

Operational performance was in line with our expectations but was eclipsed by the upheaval in the boardroom. The first quarter is

Aengus McMahon28 May 2025OHLA

Atalian - comment

Another weak quarter with disappointing customer retention. Also, indexation recovery will be impeded as from July, cleaning wages will increase more than

Aengus McMahon28 May 2025ATALIAN

AroundTown - comment

AroundTown released its Q1 results this morning, reflecting continued positive momentum. While the pace of disposals was slightly below our expectations, the company remains

Tomás Mannion28 May 2025AROUNDTOWN